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FINANCIAL NEWS
Dubai’s Lootah Biofuels plans biofuel algae production
18 Oct 2012
(MENAFN) Dubai-based alternative energy firm Lootah Biofuels, a subsidiary of SS Lootah Group, has inked a deal with Philippines-based AlgaOil to extract biofuels from algae, Arabian Business reported.
The two partners expect production to start within the next 18 months, based on the success of the initial start-up, as it seeks to take biofuel production in the Middle East to the next level.
CEO Yousif Lootah said that the company believes that algae can be a good replacement for vegetable oil based biofuel.
AlgaOil is currently performing field trials for the development of the algae and the construction of open ponds for the large-scale algae production.
The main advantage of algae is that it results in a yearly production of 100 barrels per hectare. That is by far much higher production value in comparison with other sources including corn (0.9 barrels of oil per hectare), Soy beans (roughly 2.5 barrels per hectare) and palm oil (roughly 32 barrel per hectare).
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